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Shell to go ahead with Shearwater gas expansion in North Sea

DECEMBER 10, 2018 / 12:28 PM

LONDON (Reuters) – Royal Dutch Shell said on Monday it would expand the Shearwater gas hub in the British North Sea, its seventh project to get the green light in the aging basin this year.

The project, a joint venture with Exxon Mobil and BP, will include a modification of the Shearwater platform to allow production and processing of wet gas as well as the construction of a 23 mile (37 kilometre) pipeline from the Fulmar Gas Line (FGL) to Shearwater, Shell said in a statement. read more

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BP, Shell to Face New Shareholder Challenge Over Climate in 2019

  • Dutch group Follow This may also target Exxon Mobil, Chevron
  • Resolutions ask companies to align business with Paris accord

The activists who rankled Royal Dutch Shell Plc by filing climate-change resolutions for three straight years now are targeting other oil majors.

Follow This, a Dutch group that accumulates shares in oil companies in order to press them over greenhouse gas emissions, has filed another resolution against Shell for 2019. It also filed its first resolution against BP Plc and may target Chevron Corp. and Exxon Mobil Corp. in the same way.

The group, led by former journalist Mark van Baal, has been a source of frustration for Shell management, even though its resolutions have gone down to defeat. Van Baal stood up at the Anglo-Dutch supermajor’s May 2018 shareholder meeting and said Shell was misleading its investors by saying it was on track to meet global climate targets, prompting CEO Ben van Beurden to angrily retort that wasn’t the case. read more

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Royal Dutch Shell sees profits jump as oil price rises

1 November 2018

Royal Dutch Shell’s profits surged by 37% in the third quarter of the year on the back of rising oil prices.

The Anglo-Dutch giant said earnings excluding one-off items on a current cost of supply measure (CCS), which strips out price fluctuations, hit $5.6bn (£4.3bn) from $4.1bn last year.

Rising oil and gas prices in the July-to-September period were the main driver of profits.

Shell joins rivals, including BP, in reporting strong results.

However, the figure was lower than a company-provided analysts’ consensus forecast of nearly $5.8bn. read more

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Shell and BP pumped up by oil prices

Giants amass cash for share buybacks and dividends

The two biggest London-listed oil majors are expected to report higher profits and cash levels this week, driven by rising oil and gas prices as the industry’s recovery continues.

The price of a barrel of Brent crude averaged $75.80 during the third quarter of the year, 45% higher than the same period in 2017, while UK gas prices are up 54% year-on-year.

The rally following the crash that sent prices below $30 a barrel in 2016 is helping companies to repay debt and start rewarding shareholders, even as it pushes up costs for households and motorists. Analysts’ profit forecasts for BP, which reports on Tuesday, averaged $2.8bn (£2.2bn) compared with $1.9bn during the same quarter last year. read more

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National Gallery loses Shell funding after protests

Shell’s sponsorship prompted protests at the National GalleryCORBIS/GETTY IMAGES

Another oil company has pulled out of a sponsorship deal with a British cultural institution after years of protests.

Shell’s withdrawal from a deal with the National Gallery follows that of BP from Tate and other organisations.

Shell said that its decision to end the 12-year agreement, thought to have been worth about £500,000 over that period, would allow it to focus on work to “inspire the next generation of engineers” through science, technology, engineering and mathematics programmes. read more

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Shell, BP go separate ways as Washington voters consider fee on greenhouse-gas polluters

Royal Dutch Shell opts to sit on the sidelines while BP shovels money into opposing Initiative 1631.

 Seattle Times staff reporter: September 30, 2018 

In speeches, reports and online posts, BP and Royal Dutch Shell leaders proclaim support for government rules that put a price on greenhouse-gas pollution resulting from the combustion of oil, natural gas and coal.

But as Washington voters head toward a November vote on an initiative to impose a carbon fee on fossil fuels, the two oil giants have gone their separate ways.

Shell, which operates the state’s second largest refinery, in Anacortes, has opted to sit on the sidelines of what has emerged as one of the most expensive initiative battles in Washington history. If approved, Initiative 1631 could serve as a model for other states. read more

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Shell to handle contract negotiations for U.S. refinery industry

SEPTEMBER 27, 2018 / 7:54 PM /

HOUSTON (Reuters) – Royal Dutch Shell Plc said on Thursday it looks forward to handling industry negotiations on a national contract covering 30,000 U.S. refinery and chemical plant workers represented by the United Steelworkers union (USW).

The talks begin formally in January and Shell, which has represented its peers since 1997, is lead negotiator on behalf of companies including BP, Chevron Corp, Exxon Mobil Corp and others.

The refining industry this year has enjoyed strong profits, near-full utilization rates and record product exports. In the June quarter, the margin on turning crude to gasoline, diesel and other products was the highest since 2015. read more

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Scoop: Shell sits out Washington carbon fight

Harder: 26 Sept 2018

Royal Dutch Shell is sitting out a multi-million dollar fight over a carbon fee proposal in Washington state even as nearly all other oil companies with operations there rally to oppose it.

Why it matters: It’s a sign of the oil industry’s uneven, years-long evolution toward supporting policies that put a price on carbon emissions. And whether Washington State voters support the initiative, which is on the state-wide ballot this Election Day, will be a bellwether for other attempts at big climate policy. read more

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Oil industry group pledges to cut methane emissions

By: , SA News Editor

  • The Oil and Gas Climate Initiative, which U.S. giants Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) joined just last week, commits to cutting methane emissions to an intensity of 0.25% of all fossil fuel the group of 13 member companies produces by 2025.
  • The pledge could be cut further to 0.2% intensity, which would echo targets set individually by group members BP, Royal Dutch Shell (RDS.A, RDS.B) and XOM to reduce methane emissions.
  • “Our aim is to work towards near zero methane emissions from the full gas value chain in support of achieving the goals of the Paris [Climate] Agreement,” the heads of the OGCI members say.
  • The OGCI represents nearly a third of global oil and gas production and also includes France’s Total (NYSE:TOT) as well as national oil companies of China, Mexico, Brazil and Saudi Arabia.
  • read more

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    Shell targets lower methane emissions from oil and gas operations

    Shell targets lower methane emissions from oil and gas operations

    Ron Bousso: Sept 17, 2018 LONDON (Reuters) – Royal Dutch Shell announced on Monday plans to limit leaks of methane, a potent greenhouse gas, across its oil and gas operations as it tries to sharply curb carbon emissions.   Shell aims to maintain methane emissions below 0.2 percent of its total oil and gas production by 2025, it said in a statement, joining British rival BP, which last year set a similar goal. Larger rival Exxon Mobil announced in May plans to reduce methane emissions by 15 percent by 2020.

    Methane is released into the atmosphere mostly from the burning of excess gas, known as flaring, as well as through leaks in gas infrastructure such as wells, pumps and pipelines.

    The gas has a bigger greenhouse impact than carbon dioxide, even though the oil and gas industry produces less methane and the gas also has a shorter lifetime.

    The methane target will be measured against a baseline leak rate, which is currently estimated at range from 0.01 percent to 0.8 percent across the company’s oil and gas assets, it said. read more

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    African Oil Hunt Returns as Majors Seek to Tap Vast Reserves

    By Paul Burkhardt: 5 September 2018, 00:01 BST: Updated on 5 September 2018, 14:31 BST

    • Rigs drilling in Africa’s waters have hit a two-year high

    • Companies including Exxon, Shell, BP have accumulated acreages

    Africa is entering the oil-hunt spotlight as drillers, flush with cash after crude’s recovery, are turning their attention back to the continent’s potentially vast resources.

    The world’s biggest companies from Exxon Mobil Corp. to Royal Dutch Shell Plc and BP Plc are setting up camp across Africa. Armed with stronger balance sheets and higher crude prices the industry is on track to double drilling in African waters this year. Rising natural gas demand is adding to the attraction. read more

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    Big Oil’s LNG Obsession

    By Vanand Meliksetian – Sep 04, 2018, 3:00 PM CDT

    Since the early days of the oil and gas industry, a group of Western companies has dominated the industry. These companies have been named ‘Big Oil’ due to the size of their global footprint. Despite their technological superiority and significant access to capital, these organizations are now facing difficulties in maintaining market share and profitability. Changing requirements concerning fuel types as well as an increasing focus on environmental impacts have transformed the global energy market. Inevitably, these companies have been forced to change their strategy to remain relevant to customers. read more

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    ExxonMobil Oil Reserves Trump Shell’s But Its $305B Revenue Beats That Of U.S. Rival

    Gaurav Sharma: 

    For ExxonMobil (NYSE:XOM) shareholders much of the current trading has felt decidedly lackluster. Upon the conclusion of the recent earnings season, most commentators agreed that neither it nor its Anglo-Dutch rival Shell (LON:RDSA) managed to captivate the market’s imagination.

    Instead, that accolade went to BP (LON:BP) with its quadrupling of quarterly profits and a $10.5 billion signature acquisition of U.S. shale assets. Furthermore, an examination of annualized financials suggests Shell’s revenue, at $305.2 billion in 2017, capped that of ExxonMobil at $237.1 billion by some distance, even though the latter’s profits and market capitalization exceed that of its rival. read more

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    Shell sponsorship deal with Amsterdam’s Van Gogh Museum ends

    MARTIN BAILEY: 

    Two of the major Dutch museums have just ended their collaboration with Shell, at a time of mounting protests over sponsorship by fossil fuel companies. Amsterdam’s Van Gogh Museum and the Mauritshuis in The Hague both terminated arrangements with the country’s largest oil and gas firm this summer.

    A Mauritshuis spokesman says that it had a six-year partnership contract with Shell, which was due to end in July and was not renewed. Surprisingly, however, the latest annual report of the Mauritshuis states that support from Shell Nederland and two other partners is “crucial for the long-term future of the museum”. Shell has also been supporting technical research on paintings by Jan Steen, but this work is almost complete and is due to be published by the end of the year. read more

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    Will Royal Dutch Shell Follow Its Peers And Raise Its Dividend?

    Aristofanis Papadatos: 25 August 2018

    Summary

    • Royal Dutch Shell has not cut its dividend since World War II and is currently offering a 5.6% dividend yield.
    • The oil major has frozen its dividend for 18 consecutive quarters.
    • The big question is whether it will raise its dividend amid excessive free cash flows and a brightening outlook of the oil sector.

    Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B) is an oil giant that has benefited from the rally of the oil price in the last 12 months, just like its peers. However, the oil major has paid the same dividend for 18 consecutive quarters, as it froze its dividend at the onset of the downturn of the oil market that began in 2014. Therefore, the big question is whether the company will raise its dividend in the upcoming quarters.

    Dividend record

    Despite the downturn that began in 2014, Exxon Mobil (XOM), Chevron (CVX) and Total (TOT) have continued to raise their dividends, albeit at a low single-digit rate. BP (BP) followed the same path as Shell and froze its dividend for 15 consecutive quarters, but eventually raised it in the running quarter, thanks to the strength of the oil price and the brightening outlook of the oil market. Therefore, Shell is the only oil major that has kept its dividend flat for such a long period. read more

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    Oil Major and Miner Ethics Scrutinized by Methodist Investors

    By Elizabeth Burden and Thomas Biesheuvel
    15 August 2018, 08:54 BST

    *Methodist fund developing system analyzing company ethics
    *Top mining and oil companies will be graded by end of 2018

    Divestment may be too blunt an instrument to encourage the world’s biggest oil and mining companies to behave ethically: the Methodist Church is prepared to back those committed to mending their ways.

    While the precise workings of its new “traffic light system” are still being debated, the Central Finance Board of the Methodist Church plans to determine by the end of the year whether BP Plc, Royal Dutch Shell Plc, Total SA and Equinor ASA have the ethical credentials to merit continued investor support. Those preferences will be denoted by red, amber and green categories, which will reflect a firm’s efforts and commitment to reducing greenhouse gas emissions, its asset mix, capital expenditure, climate strategy and governance. read more

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    Oil majors win dismissal of New York City climate lawsuit

    Shell, Exxon and ConocoPhillips all said they were pleased with the court ruling.

    Brendan Pierson: JULY 19, 2018

    NEW YORK (Reuters) – A U.S. judge on Thursday dismissed a lawsuit by New York City seeking to hold major oil companies liable for climate change caused by carbon emissions from burning fossil fuels.

    In dismissing the city’s claims against Chevron Corp (CVX.N), BP Plc (BP.L), ConocoPhillips (COP.N), Exxon Mobil Corp (XOM.N) and Royal Dutch Shell Plc (RDSa.L), U.S. District Judge John Keenan in Manhattan said climate change must be addressed through federal regulation and foreign policy. read more

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    Not dead yet: Home of Brent crude gets new lease of life

    Ron Bousso, Shadia Nasralla: JULY 18, 2018

    LONDON (Reuters) – Oil giant BP’s Eastern Trough Area Project off the coast of Scotland wasn’t supposed to be viable beyond 2018.

    But government and industry working together have given ETAP a new lease of life that is being closely watched by countries and companies eyeing other ageing projects around the world.

    When ETAP was launched 20 years ago today, some experts predicted the UK sector of the North Sea would cease most production by 2030. read more

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    Big Oil’s Next Major Move

    By Tim Daiss – Jul 08, 2018, 10:00 AM CDT

    Several oil majors, including Royal Dutch Shell and BP, are boosting their share of natural gas output. A Bloomberg report said these two oil companies, by increasing gas production, are trimming the lead between them and ExxonMobil, the world’s largest publicly traded oil company. ExxonMobil has a current market cap of $348 bn, while Shell has market cap of $317 bn, and BP at $156 bn.

    BP expects by 2020 to produce about 60 percent gas and 40 percent oil, a reversal from 2014 when it was the opposite – a pivot that many other oil companies will likely follow. ExxonMobil for its part currently produces about 55 percent oil and 45 percent gas and remains the largest natural gas producer in the US. Shell’s acquisition of UK-based BG Group for $50 bn in 2016 boosted the share of natural gas to 50 percent of its global fossil fuels output and made it the world’s largest natural gas trader. read more

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    Church of England to withdraw funds from polluting firms that fail to tackle climate change

    8 JULY 2018 • 7:00PM

    The Church of England is to withdraw funds from polluting firms that fail to tackle climate change.

    Companies including Shell and BP could face disinvestment from the church within five years if they do not fall in line with strict environmental measures.

    Its General Synod, meeting this weekend in York, voted to bring in the timetable to put more pressure on companies which fail to meet the aims of the Paris climate accords.

    The church pulled £12m in funds out of assets such as coal and tar sands oil following another Synod vote in 2015, but is still an investor in major fossil fuels companies.

    The church’s pension fund, worth £2bn, is understood to be in deficit, but a spokesman said it was on track to remove it.

    The decision came after the church was slammed by one of its bishops for failing to move with sufficient urgency. read more

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    $US150 a barrel? Shareholder greed could make oil prices double

    By Ben Sharples: Bloomberg News: 7 July 2018

    Oil investors may regret urging companies to cough up cash now instead of investing in growth for later as the dearth of exploration is setting the stage for an unprecedented crude price spike, according to Sanford C. Bernstein.

    Companies have been compelled to focus on boosting returns and shareholder distributions at the expense of capital expenditures aimed at finding new supplies, analysts including Neil Beveridge wrote in a note on Friday. read more

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    Shell CEO says ‘foolhardy’ to set carbon reduction targets

    Shell CEO says ‘foolhardy’ to set carbon reduction targets

    Ron Bousso: JULY 5, 2018

    LONDON (Reuters) – Royal Dutch Shell’s boss said it would be “foolhardy” for the oil and gas producer to set hard targets to reduce carbon emissions as it risked exposing the energy giant to legal challenges.

    The energy industry has struggled in recent years to find a clear path to secure its role as the world shifts from fossil fuels in order to meet the 2015 Paris climate agreement goals.

    Shell Chief Executive Officer Ben van Beurden last year set out ambitions last year to halve its carbon emissions by 2050, far exceeding rivals. But the Dutch CEO resisted calls by activists and some investors to set binding targets. read more

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    Big Oil, Utilities are Lining Up for an Electric Vehicle War

    Big Oil, Utilities are Lining Up for an Electric Vehicle War

    By Kelly Gilblom and Anna Hirtenstein2 July 2018, 05:00 BST

    • BP and Shell have bought electric-car charging companies
    • Power utilities are boosting sales to homes, chargers on roads

    A red-hot electric vehicle market has triggered a face-off between Big Oil and utilities.

    Oil majors, who’ve sold fossil fuels to cars for a century, are now moving into an electricity sector that’s preparing for exponential growth. The problem is that utilities, the primary power suppliers for a century, have the same idea.

    BP Plc predicts electric vehicle sales will surge by an eye-watering 8,800 percent between 2017 and 2040, making it an attractive business for oil companies as demand for gasoline and diesel are forecast to slow. Big Oil will have to battle the traditional utilities for charging at people’s homes, on the road and even offices of green-car owners. read more

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    Debt levels hit record £391bn as companies ramp up payouts

    1 JULY 2018 • 9:14PM

    Companies racked up a record £391bn of debt in the face of demand from investors to step up dividends and as bosses went hunting for deals.

    The overall level of debt for UK plc in the 2017-18 financial year far surpassed pre-crisis levels of £286bn, according to the Debt Monitor report published by Link Asset Services UK today.

    Among the heavy borrowers, oil giants BP and Royal Dutch Shell accounted for £1 in every £7 of all UK companies’ net debts last year. read more

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    U.S. court dismisses climate change lawsuits against oil companies

    U.S. court dismisses climate change lawsuits against oil companies

    Reuters Staff: JUNE 26, 2018

    (Reuters) – A federal court in California dismissed climate change lawsuits by the cities of San Francisco and Oakland against five oil companies, saying the complaints required foreign and domestic policy decisions that were outside its purview.

    San Francisco and Oakland sued Chevron Corp, Exxon Mobil Corp, ConocoPhillips, Royal Dutch Shell Plc, and BP Plc last year seeking an abatement fund to help the cities address flooding they said was a result of climate change.

    Judge William Alsup of the U.S. District Court for the Northern District of California said in the ruling that the dangers raised by the complainants were real and worldwide, and both parties accepted the science behind global warming. read more

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    Judge tosses San Francisco-Oakland climate change lawsuit against big oil companies

    Judge tosses San Francisco-Oakland climate change lawsuit against big oil companies

    – Associated Press – Monday, June 25, 2018

    SAN FRANCISCO — A U.S. judge who held a hearing about climate change that received widespread attention ruled Monday that Congress and the president were best suited to address the contribution of fossil fuels to global warming, throwing out lawsuits that sought to hold big oil companies liable for the Earth’s changing environment.

    Noting that the world has also benefited significantly from oil and other fossil fuel, Judge William Alsup said questions about how to balance the “worldwide positives of the energy” against its role in global warming “demand the expertise of our environmental agencies, our diplomats, our Executive, and at least the Senate.” read more

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    Shell gives go-ahead to third North Sea oil, gas project in 2018

    Ron Bousso, Shadia Nasralla: JUNE 25 2018

    LONDON (Reuters) – Royal Dutch Shell said on Monday it will develop the Fram gas field in the North Sea, its third project approval in the aging basin this year.

    Shell’s final investment decision (FID) on Fram follows the green light for the expansion of the Penguins field in January, and the 50-50 joint venture Alligin field in the west of Shetlands area which is operated by BP.

    The UK North Sea is one of the world’s oldest offshore basins whose production started in the 1970s and peaked in the late 1990s. It has enjoyed a modest production revival in recent years thanks to a wave of new projects coming on stream. read more

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    Future of Big Oil Increasingly Shaped by the Fate of Global Gas

    By Kevin Crowley and Kelly Gilblom
    25 June 2018, 00:00 BST

    Big Oil’s fortunes are becoming tied more closely to natural gas than ever before.

    Majors including Royal Dutch Shell Plc and BP Plc have boosted their proportion of gas output in recent years, helping them trim Exxon Mobil Corp.’s lead as the world’s most valuable oil company. Meanwhile Chevron Corp. added two giant Australian liquefied natural gas projects and Exxon is punching back with two major projects of its own, in Papua New Guinea and Mozambique. read more

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    Oil majors to bid on choice stakes in Brazil’s offshore

    Oil majors to bid on choice stakes in Brazil’s offshore

    RIO DE JANEIRO (Reuters) – Executives from oil majors were set to gather in Rio de Janeiro on Thursday to compete for stakes in Brazil’s pre-salt oil play, home to some of the world’s most alluring offshore geology, as rising oil prices boost appetite for expensive offshore projects.

    A record 16 companies, including Chevron Corp, BP Plc and Royal Dutch Shell Plc registered to bid for four blocks in the offshore Campos and Santos basins, part of the so-called fourth pre-salt auction on Thursday. read more

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    The World’s Largest Oil & Gas Companies 2018: Royal Dutch Shell Surpasses Exxon As Top Dog

    ,

    Royal Dutch Shell took the top spot among oil and gas companies on the Forbes Global 2000’s list of the biggest and most powerful public companies, surpassing last year’s leader Exxon Mobil Corp.

    The Anglo-Dutch oil and gas giant ranked 11th among all companies on the list, up from 20th the previous year, mostly because of higher sales due to lofty commodity prices. Irving, Texas-based Exxon came in at 13th, the same as last year. read more

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    Pope to address oil majors in Vatican climate conference

    FILE PHOTO: Pope Francis arrives to lead the Wednesday general audience in Saint Peter’s square at the Vatican, May 23, 2018. REUTERS/Stefano Rellandini/File Photo Philip Pullela: June 1, 2018 VATICAN CITY (Reuters) – The Vatican will host executives of the world’s top oil companies for a conference next week on climate change and the transition away from fossil fuels, a Vatican source said on Friday.

    Pope Francis, who wrote a major document on protection of the environment from global warming in 2015, is expected to address the group on the last day of the June 8-9 conference.

    The conference, organized by Notre Dame University in the United States, is expected to be attended by the heads or senior executives of companies including ExxonMobil, Eni, BP, Royal Dutch Shell and Pemex, the source said.

    The oil and gas industry has come under increasing pressure from investors and activists to play a bigger role in reducing the emissions of greenhouse gasses in order to meet goals set out in a 2015 climate agreement signed in Paris. read more

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    Shell Tries to Market Some of Its Natural Gas as Clean Energy

    By Mathew Carr, 1 June 2018

    Royal Dutch Shell Plc is attempting to market some of its natural gas as clean energy, packaging it with credits for eco-friendly projects that offset pollution coming from the fuel.

    The oil giant is offering business customers in Europe a combination of gas and certificates that show emissions are offset with financing for carbon-reduction projects. It’s testing markets in Germany, Italy, Spain and Britain to gauge demand for what credits to use, according to David Wells, head of Shell Energy Europe. read more

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    Judge wants more info from big oil companies in climate change lawsuits

    May 25, 2018 12:42 PM ET|By: , SA News Editor

    A federal judge yesterday said he needed more information before deciding whether to dismiss lawsuits by the cities of San Francisco and Oakland alleging that Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Royal Dutch Shell (RDS.A, RDS.B), BP and ConocoPhillips (NYSE:COP) should pay to protect residents from the impacts of climate change.

    The judge also wants the companies to produce additional material backing up claims that they should not be a part of the case because the court lacked jurisdiction over them. read more

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    Judge to hear oil companies’ bid for dismissal of climate change lawsuits

    The five defendants are the world’s largest investor-owned oil companies: Chevron Corp., Exxon Mobil Corp., ConocoPhillips, BP PLC, and Royal Dutch Shell PLC.

    By on May 24, 2018 7:59 am

    Five oil companies are due to ask a federal judge on Thursday to dismiss a pair of climate change lawsuits filed by the cities of Oakland and San Francisco.

    U.S. District Judge William Alsup will hear arguments on the companies’ motions for dismissal in his San Francisco courtroom at 8 a.m. Thursday.

    The lawsuits filed last year claim the corporations created a
    public nuisance by producing “massive quantities” of oil and natural gas and promoting their use while knowing they lead to global warming and rising sea levels. read more

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    City heavyweights head for Putin’s business forum

    The chief executives of some of the biggest British-listed companies are set to travel to Russia this week for a business forum hosted by President Putin, despite simmering tensions over visas and US sanctions against the country.

    The oil bosses Bob Dudley, of BP, and Ben van Beurden, of Royal Dutch Shell, are scheduled to speak at the St Petersburg Economic Forum on Friday. Ivan Glasenberg, chief executive of Glencore, the mining and commodities group, and Xavier Rolet, former chief executive of the London Stock Exchange, are also due to take part. read more

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    Shell urged to resist calls to fall into line with Paris climate accord

    20 MAY 2018 • 7:30PM

    Britain’s largest shareholder advisory groups have called on investors in Royal Dutch Shell to reject growing demands for the oil giant to take full responsibility for its impact on the environment.

    Shell faces a binding shareholder vote tomorrow to decide whether to adopt rigorous accountability standards to bring its operations into line with the Paris climate agreement. Glass Lewis and ISS have urged shareholders to reject the “unduly burdensome” and “problematic” proposal. read more

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    Shell and BP may face further shareholder opposition at AGM

    Shell and BP may have to face down shareholder opposition to their chief executives’ pay packets at their annual general meetings next week.

    Written by

    And for the third year in a row, Shell investors will vote on a resolution asking the company to set clear goals for meeting climate change targets.

    Recommendations by the Institutional Shareholders Services (ISS) once again focus heavily on the pay of top executives at the energy giant, with ISS raising concerns over the 80% rate of bonus delivered to the CEO of Shell despite only reaching 70% on sustainable development targets.

    Similarly, investors advisory firm Pensions and Investment Research Consultants (PIRC) continued to caution shareholders against sanctioning BP chief executive Bob Dudley’s remuneration package, which it called “excessive” in 2017 as it soared by more than £1 million to £9.5m. read more

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    More investor rebellions brew as BP and Shell bosses’ pay comes under fire

    Alys Key: Retail and leisure reporter: Tuesday 15 May 2018

    More shareholder rebellions are brewing as a summer of AGM revolts gets underway, with oil and gas companies the latest to face the music.

    Shareholders in BP are being urged to vote against the “unacceptable” pay of chief executive Bob Dudley, whose remuneration is 48 times higher than the company’s average employee.

    Advisory service Pensions & Investment Research Consultants (Pirc) advised shareholders to oppose the company’s remuneration report at the annual general meeting on 21 May. read more

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    Oil Companies Ask Judge to Kill NYC’s Global Warming Lawsuit

    By Bob Van Voris: 4 May 2018, 23:09 BST Updated on 5 May 2018, 02:09 BST

    Case affects global economy, national security, companies say

    New York argues oil companies denied climate change science

    This lawsuit is based upon the fundamental principle that a corporation that makes a product causing severe harm when used exactly as intended should shoulder the costs of abating that harm. Defendants here produced, marketed, and sold massive quantities of fossil fuels—primarily oil and natural gas—despite knowing that the combustion and use of fossil fuels emit greenhouse gases (“GHG pollution” or “GHGs”), primarily carbon dioxide (“CO2”). Defendants have also known for decades that GHG pollution accumulates and remains in the atmosphere for up to hundreds of years, where it traps heat, a process commonly referred to as “climate change” or “global warming,” and that this process would cause grave harm.

    Five of the world’s biggest oil companies asked a judge to throw out New York City’s lawsuit seeking to hold them responsible for costs related to the environmental changes caused by their products. 

    BP Plc, Chevron Corp., ConocoPhillips, Exxon Mobil Corp., and Royal Dutch Shell Plc argued that the court lacks the authority to resolve broad policy questions with “profound implications for the global economy, international relations and America’s national security.” read more

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    Shell says fully committed to Iraq gas venture, plans ‘massive’ expansion

    DUBAI (Reuters) – Royal Dutch Shell (RDSa.L) is fully committed to its gas joint venture in Iraq, after the energy major exited its oil assets in the OPEC country, and plans to boost its gas output there to 1.4 billion cubic feet (bcf) a day by 2020, a senior executive said.

    Iraq’s gas development plans have long focused on Basra Gas Co (BGC), a $17 billion, 25-year project in which Iraq has 51 percent, Shell 44 percent and Japan’s Mitsubishi Corp (8058.T) 5 percent.

    The project was designed to aggregate gas from fields in the south including West Qurna 1, operated by Exxon Mobil Corp (XOM.N); Zubair, operated by Italy’s Eni (ENI.MI); and Rumaila, developed by BP (BP.L). read more

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    Big Oil’s big identity crisis

    Big Oil is under pressure to clean up its act CREDIT: MARY ALTAFFER/AP

    Europe’s largest oil super-major is not really an oil company, according to the boss of Royal Dutch Shell.

    This is just as well for the energy giant, which plans to halve its carbon emissions within the coming decades as it bids to bring its offering in line with the global war on climate change.

    “If anything we are more a gas and oil company, and on top of it, of course, we are a much broader energy company, as well,” Ben van Beurden insists. read more

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    Big Oil Bids to Burnish Credentials in War on Climate Change

    The world’s biggest oil companies, for long typecast as villains of climate change, are seeking to reinvent themselves as environmental pioneers.

    “We’re not going to be sitting back and say let’s see what society does and we’ll follow that,” said Ben van Beurden, chief executive officer of Royal Dutch Shell Plc. “We’re more than prepared to be assertive and lean forward and say: ‘This is what it takes.”’

    Irked by a shareholder resolution that would force Europe’s largest oil company to create specific emissions targets, the CEO took the unusual step of engaging with five reporters on Monday about Shell’s vision for a decarbonized world. Not only is Shell implementing its own, much stronger, measures to manage the energy transition, according to Van Beurden, but it can also drag the rest of the world along with it. read more

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    Oil giants stay in their own backyards in U.S. auction

    Jessica Resnick-Ault: APRIL 4, 2018 NEW YORK (Reuters) – The Trump administration heralded the government’s sale last month of U.S. drilling leases in the Gulf of Mexico as a bellwether. 

    If that is the case, a Reuters analysis of the sale’s results shows reason to worry about demand in future offshore auctions.

    The sale brought in $124.8 million, as just 1 percent of the 77 million acres (31.2 million hectares) offered found bidders. Reuters examined the acreage offered and leased, and nearly all the purchases show big drillers stuck closest to existing infrastructure, shunning the most far-flung areas.

    While U.S. crude oil production reached a record last year at more than 10 million barrels a day, most new development is in onshore shale regions. The U.S. Interior Department has said it wants to open all U.S. coasts for drilling, including the Atlantic and Pacific. But the Gulf result indicates limited interest even in already-developed areas, never mind unexplored coasts. read more

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    British firms advised to skip Russia summit

    Some of Britain’s biggest companies have been urged to boycott Russia’s main annual business summit in St Petersburg next month, amid growing political tensions triggered by the poisoning of Sergei Skripal and his daughter.

    Bob Dudley, BP’s chief executive; Ben van Beurden, the chief executive of Royal Dutch Shell; and a number of other UK executives attended the St Petersburg International Economic Forum last year.

    The event, hosted by President Putin, is due to be held this year on May 24-26, three weeks before the country hosts the football World Cup. read more

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    Shell risks fury as chief executive Ben van Beurden reaps £7.9m windfall

    Pay: Shell chief Ben van Beurden took home nearly £8 million last year Ben Stansall/AFP/Getty Images

    ANGELA JAMESON: 

    Shell’s chief executive Ben van Beurden took home a bumper pay package of €8.9 million (£7.9 million) in 2017, as the firm cashed in on recovering oil prices.

    The oil giant risked fresh criticism over the payout, following a row with investors last year. 

    They said the Dutch chief executive’s long-term incentives were disproportionate compared with peers’. 
     
    Van Beurden received a €3 million annual bonus in 2017 on top of his €1.49 million salary. The chief executive also picked up  €4.02 million in long-term bonuses and incentives, according to the group’s annual report. read more

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    Oil’s Seven Sisters Enter a ‘Golden Age’, Goldman Sachs Says

    The world’s largest oil companies have survived a life-changing crisis, and are now poised to reap the rewards, Goldman Sachs Group Inc. said.

    Big Oil is in a sweet spot with rising oil prices and low operating costs, leaving them with the biggest cash-flow growth in two decades and boosting earnings, Goldman said in a report Monday. That will increase their attraction for investors after years of elevated spending followed by crude’s slump sent their weighting in global equity indexes to a 50-year low, according to the bank.  read more

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    In court, Big Oil rejected climate denial

    In a California court case this week, Judge William Alsup asked the two sides to provide him a climate science tutorial. The plaintiffs are the coastal cities of San Francisco and Oakland. They’re suing five major oil companies (Chevron, ExxonMobil, Shell, ConocoPhillips and BP) to pay for the cities’ costs to cope with the sea level rise caused by global warming. FULL ARTICLE

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    Auction of Oil Drilling Tracts in Gulf Draws Tepid Interest

    HOUSTON — In a setback to Trump administration efforts to increase offshore oil production, the industry responded with only modest interest on Wednesday in a federal auction covering a record 77 million acres in the Gulf of Mexico.

    Companies bid on only 1 percent of the acreage, and the winning bids yielded a mere $125 million for the government.

    The results reflected broad uncertainty among oil executives that global oil prices can remain at current levels over $60 a barrel, as well as a general preference for drilling in onshore shale fields that require smaller investments and are less risky. read more

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    U.S. judge to question Big Oil on climate change

    David Levine: 21 MARCH 2018

    SAN FRANCISCO (Reuters) – Five of the world’s biggest energy producers will be questioned by a federal judge on Wednesday about climate change science, part of a lawsuit that accuses the companies of misleading the public for years about their role in global warming.

    The cities of San Francisco and Oakland, California sued Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N), ConocoPhillips (COP.N), Royal Dutch Shell PLC (RDSa.L), and BP PLC (BP.L) last year, seeking an abatement fund to help the cities address flooding they say is a result of climate change. read more

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    Shell bets on petrol stations as electric revolution looms

    Ron Bousso: MARCH 21, 2018

    LONDON (Reuters) – Royal Dutch Shell is placing a big bet on petrol stations and convenience stores in China, India and Mexico as it looks to shore up profits during the electric car revolution.

    By 2025, the oil and gas giant plans to grow its global network of roadside stations by nearly a quarter to 55,000, targeting 40 million daily customers, Shell said in a statement on Wednesday.

    It will add another 5,000 convenience stores selling coffee and snacks, with growth focused on rapidly growing economies in emerging markets.  read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and cybergriping.com are all owned by John Donovan
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